An arm of Institute of Chartered Accountants of India (ICAI) will be reopening the books of the financially crippled infra lender IL&FS.
The Mumbai bench of the National Company Law Tribunal (NCLT) had on January 1 directed the reopening of the books and recasting of the financial statements of IL&FS, IL&FS Financial Services, IL&FS Transportation Networks between fiscal years 2012-13 to 2017-18.
In view of the substantial public interest involved in the matter, ICAI Accounting Research Foundation (ICAI ARF) will be carrying out the task, an official statement said.
The whole exercise will be independent, it said, acknowledging the Serious Fraud Investigation Office (SFIO) is also carrying out an investigation on IL&FS and its group/ subsidiary/associate companies.
Being a ‘section 25’ company, whose purpose is not for profit, ICAI ARF can outsource this assignment so that it is over within a reasonable period of time, the statement added.
The NCLT had